10.

Segments

We report our operations through the following segments: (1) Americas; (2) Europe, Middle East and Africa (EMEA); (3) Asia Pacific; (4) Global Investment Management; and (5) Development Services.

The Americas segment is our largest segment of operations and provides a comprehensive range of services throughout the U.S. and in the largest regions of Canada and key markets in Latin America. The primary services offered consist of the following: property sales, property leasing, mortgage services, appraisal and valuation, property management and occupier outsourcing services.

Our EMEA and Asia Pacific segments generally provide services similar to the Americas business segment. The EMEA segment has operations primarily in Europe, while the Asia Pacific segment has operations in Asia, Australia and New Zealand.

Our Global Investment Management business provides investment management services to clients seeking to generate returns and diversification through direct and indirect investments in real estate in North America, Europe and Asia Pacific.

Our Development Services business consists of real estate development and investment activities primarily in the U.S.

Summarized financial information by segment is as follows (dollars in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2017		2016 (1)		2017		2016 (1)
Revenue
Americas	$	1,969,430	$	1,775,326	$	5,518,963	$	5,143,590
EMEA		1,033,042		948,053		2,831,964		2,742,318
Asia Pacific		440,933		361,802		1,202,706		1,032,763
Global Investment Management		92,122		91,807		274,451		277,924
Development Services		14,450		16,499		45,312		51,163
Total revenue	$	3,549,977	$	3,193,487	$	9,873,396	$	9,247,758
Adjusted EBITDA
Americas	$	238,259	$	222,043	$	689,068	$	636,668
EMEA		71,169		61,177		173,610		148,842
Asia Pacific		43,081		31,467		106,562		72,570
Global Investment Management		23,202		18,988		72,971		68,329
Development Services		35,863		15,709		85,120		66,109
Total Adjusted EBITDA	$	411,574	$	349,384	$	1,127,331	$	992,518

(1)	In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results.

Adjusted EBITDA is the measure reported to the chief operating decision maker for purposes of making decisions about allocating resources to each segment and assessing performance of each segment. EBITDA represents earnings before net interest expense, income taxes, depreciation and amortization. Amounts shown for adjusted EBITDA further remove (from EBITDA) the impact of certain cash and non-cash charges related to acquisitions, cost-elimination expenses and certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue.

Adjusted EBITDA is calculated as follows (dollars in thousands):

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2017		2016 (1)			2017			2016 (1)
Net income attributable to CBRE Group, Inc.	$	196,317	$	104,163		$	523,079		$	307,998
Add:
Depreciation and amortization		102,591		92,725			297,014			269,987
Interest expense		34,483		37,273			103,923			109,050
Provision for income taxes		76,178		51,414			195,813			165,578
Less:
Interest income		3,129		1,020			6,967			5,545
EBITDA		406,440		284,555			1,112,862			847,068
Adjustments:
Cost-elimination expenses (2)		—		38,877			—			78,456
Integration and other costs related to acquisitions		—		28,596			27,351			73,520
Carried interest incentive compensation expense (reversal) to align with the timing of associated revenue		5,134		(2,644	)		(12,882	)		(6,526	)
Adjusted EBITDA	$	411,574	$	349,384		$	1,127,331		$	992,518

(1)	In 2017, we changed the presentation of the operating results of one of our emerging businesses among our regional services reporting segments. Prior year amounts have been reclassified to conform with the current-year presentation. This change had no impact on our consolidated results.

(2)

Represents cost-elimination expenses relating to a program initiated in the fourth quarter of 2015 and completed in the third quarter of 2016 (our cost-elimination project) to reduce the company’s global cost structure after several years of significant revenue and related cost growth. Cost-elimination expenses incurred during the three and nine months ended September 30, 2016 consisted of $36.7 million and $73.6 million, respectively, of severance costs related to headcount reductions in connection with the program and $2.2 million and $4.9 million, respectively, of third-party contract termination costs.